ATLANTA, Jan. 26, 2011 /PRNewswire/ -- With market
conditions expected to fluctuate in the wake of healthcare reform,
hospitals can now quickly and easily evaluate their pricing
strategy with Value-based Pricing Analyzer™, a new offering from
Craneware, Inc. (AIM: CRW.L, OTC: CRWRY), the market leader in
automated revenue integrity solutions.
Value-based Pricing Analyzer simplifies and automates the price
modeling process, providing the speed and flexibility hospitals
need to adapt to dynamic market conditions. With Value-based
Pricing Analyzer, hospitals can readily assess the potential impact
of changes, such as revenue shortfalls, as well as ensure their
pricing is transparent, defensible and competitive.
"As the healthcare marketplace evolves, new payment models
emerge, and the payor mix shifts, healthcare organizations need to
be able to deploy strategic pricing changes with the speed and
agility necessary for competitive advantage and sustainable
success," said Keith Neilson, CEO of
Craneware. "Sound healthcare pricing strategies need to
balance a range of complicated factors. Value-based Pricing
Analyzer enables hospitals to readily analyze opportunities by
automatically factoring in the key metrics that affect value. With
this new tool, hospitals of any size can efficiently establish
consistent, transparent and defensible pricing strategies that
address their unique situation and deliver financial performance
improvement."
To enable strategic pricing, Value-based Pricing Analyzer
integrates data from disparate systems and automatically generates
pricing models that factor in regulatory, reimbursement, cost and
market information. The solution enables hospitals to:
- Calculate payor mix and price sensitivity to access the impact
of changes
- Create and compare multiple pricing scenarios detailed down to
the service line or aggregate to the facility
- Measure pricing against current industry benchmarks and
competitors in their market
- Evaluate and adjust pricing based on inflationary factors
- Provide complete documentation for approval among key
stakeholders as well as for auditing purposes
- Create and maintain consistent, defensible and transparent
pricing strategies
"Successful pricing requires a multi-faceted approach that
integrates all relevant factors, including payor contract
information, market analysis and actual costs to ensure that prices
are set at defensible yet sustainable levels," said Patrick Halfhill, CFO, Madison County Memorial
Hospital in Madison, Fla. "With
Value-based Pricing Analyzer, we are able to complete pricing
reviews much more quickly and frequently, which drastically reduces
the time and costs associated with manual processes."
Value-based Pricing Analyzer is part of Craneware's Strategic
Pricing product family, which helps ensure defensible and
transparent pricing. In addition, the product family provides
accurate patient estimates, which improves patient satisfaction
levels, productivity and compliance. Value-based Pricing Analyzer
integrates with Chargemaster Toolkit® to further optimize
operational efficiency, compliance and financial performance.
With anticipated reductions in reimbursement and bundled
payments, the time for healthcare to prevent revenue leakage is
now. In an effort to further educate healthcare facilities on
common sources of revenue leakage and best practices to achieving
revenue integrity, Craneware launched stoptheleakage.com last
year.
About Craneware
Craneware (AIM: CRW.L, OTC: CRWRY) is the leader in automated
revenue integrity solutions that improve financial performance for
healthcare organizations. Craneware's market-driven, SaaS solutions
help hospitals and other healthcare providers more effectively
price, charge and code for services and supplies associated with
patient care. This optimizes reimbursement, increases operational
efficiency and minimizes compliance risk. By partnering with
Craneware, clients achieve the visibility required to identify,
address and prevent revenue leakage. To learn more, visit
craneware.com.
SOURCE Craneware, Inc.